Burberry to buy leather business unit of CF&P

Burberry, known for its leadership in digital for luxury fashion, has entered in an agreement to acquire a luxury leather-goods business from Italian partner CF&P. The employees, including the team of craftsmen of CF&P who have worked with Burberry for over a decade, will transfer to the company on completion of the transaction, expected later this year.

"This acquisition is a major milestone for us and a statement of our ambition in this strategically important category. It will create a centre of excellence for Burberry’s leather goods, covering all activities from prototyping, product innovation, engineering and the coordination of production. This will give us greater control over quality, cost, delivery andsustainability of our leather goods," Marco Gobbetti, chief executive officer, said. (RR)